December 18, 2012

HIGHER EDUCATION BUBBLE UPDATE: “Bloomberg News concludes its six-part series on public employee pay with an article featuring the president of Ohio State University, Gordon Gee.” “At this point, the guy has done lavish presidential home renovations at three universities — Brown, Vanderbilt, and Ohio State. I’d be in favor of a law — call it Gee’s Law — that says if a college or university spends more than $1 million, indexed to inflation, renovating or building a residence for its president, the college or university gets an immediate 25% cut to its federal research and Pell Grant funding. If individual donors or tuition-paying parents want to fund this sort of thing, fine, but money is fungible, and there’s just no reason to borrow money from China or future generations or raise taxes to pay for this sort of thing.”

UPDATE: Related: Ohio State Undergraduates Floundering In Debt. Hey, those renovations don’t come for free.